Tata Power is seeking shareholders’ nod to raise up to Rs 7,000 crore through issue of non-convertible debentures. Besides, the leading private power utility has proposed increasing its borrowing limit to Rs 27,000 crore to meet the financial requirements for projects as well as other corporate needs.
In this regard, the company has sent notice to shareholders for the company’s annual general meeting to be held on August 13. The approval would be valid for a period of one year and the amount would be within the overall borrowing limit.
The company also requires refinancing Foreign Currency Convertible Bonds of Rs 2,000 crore, maturing in November 2014, and extending support to Coastal Gujarat Power, a wholly-owned subsidiary.
Tata Power is India’s largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.
